Stable finance in an unstable world: Chapter 5
Sepp Zuckerstätter (),
Thomas Theobald (),
Guillaume Allègre (),
Christophe Blot (),
Jerome Creel (),
Paul Hubert (),
Vincent Touzé (),
Sébastien Villemot () and
Xavier Timbeau ()
Additional contact information
Georg Feigl: Institute of Anatomy
Céline Antonin: Observatoire français des conjonctures économiques
Hélène Périvier: Observatoire français des conjonctures économiques
Raul Sampognaro: Observatoire français des conjonctures économiques
Aurélien Saussay: Observatoire français des conjonctures économiques
Sciences Po publications from Sciences Po
Previous chapters have addressed the need for a a different policy mix in Europe, with a greater emphasis on fiscal policy and for policies to address imbalances within, in particular, the Euro Area. There is a third economic policy area in which reform is under way, but in Europe needs to intensify its efforts and make careful, evidence-based choices: finance. The specific features and dysfunctionalities of economic governance in Europe have exacerbated the crisis but this, it should not be forgotten, was originally triggered by problems in the financial sector. Since then national governments, not only in Europe but across the world, have been struggling to establish a sensible regulatory framework for the financial sector, one that permits, even promotes, low-cost lending for real investment and maintains an efficient payments system, while avoiding the pathologies that have caused instability and rising inequalities. Because of the transnational nature of the financial sector, the EU-level has also been heavily involved in developing the regulatory framework. The two main “building sites” are Banking Union, on which considerable progress has already been made, and the incipient Capital Markets Union. In this concluding chapter we first consider the problem of non-performing loans and discuss the policy options availbe for addressing the problem. We then turn to Capital markets Union, describing the initiatives under discussion, with a focus on proposals to reactivate the securitization market in Europe.
Keywords: European Union; Policy mix; Fiscal Policy; Economic Governance (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Published in Revue de l'OFCE, 2016, pp.174-209
Downloads: (external link)
https://spire.sciencespo.fr/hdl:/2441/3d5sculf798t ... n-unstable-world.pdf (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spo:wpmain:info:hdl:2441/3d5sculf798ttq9b6mugmj9i4i
Access Statistics for this paper
More papers in Sciences Po publications from Sciences Po Contact information at EDIRC.
Bibliographic data for series maintained by Spire @ Sciences Po Library ().